NZ Market Report 8.2.24
The NZ sharemarket could not hold onto its recent level today and shed 70.84 points at 11,872.33, towed under by a few market blue chips giving up recent gains. EBOS dropped 91c to $35.99, while F&P Healthcare traded 40c lower at $24.55. Mainfreight idled 33c lower to $70.00 and Infratil lost 20c at $10.45. Auckland Airport added a 7c fall to $8.43, Ryman Healthcare fell 9c at $5.60 and Meridian Energy eased back by 4c at $5.66. South Port began to show the benefit of its channel...
NZ Market Report 7.2.24
The NZ sharemarket improved on a busy market today with AFT Pharmaceuticals one of the leaders with a 14c gain to $3.84 after the company its pain relief medicine Maxigesic IV® has been launched in the US by its licensee Hikma Pharmaceuticals. A2 Milk also had a strong session, adding 20c at $5.53, while Mainfreight forged 120c ahead at $70.33 and EBOS rose 37c to $36.90. Meridian Energy gained 14c at $3.84. Ventia Services rose 12c at $3.56. Cooks Coffee put on 3.5c at 30c but this...
NZ Market Report 5.2.24
Did investors took a sick day to stretch the weekend into Waitangi Day? Judging by the sorry state of the NZX market this evening, the easier trading would have been much worse than the 2.53 points off the NZX50 at 11,928.70 if it had not been for a 60c leap by Fisher & Paykel Healthcare to $24.95. That was backed up by Gentrack flying 38c upwards to $7.10. The stock was the subject of a positive article in the latest fortnightly edition of The Headliner investment letter, which reached...
MARKETWEEK: Records at risk in volatile rally
3.2.24 Warren Head We have now reached the point in the reboot of equity markets where the record books are very close to being rewritten every week. In New Zealand the NZX50 looks well placed to have another tilt at the 12,000 barrier. The market closed for the week at 11,921.2 some 52 points higher than a week ago. Yet, the number of stocks actually leading the charge is quite narrow and this leaves the market exposed to under-performance by any of the favoured few. Major...
NZ Market Report 2.2.24
The NZ sharemarket has closed on a positive note today with the NZX50 sitting at 11,931.23, a rise of 14.45 points. In the US, the financial market firmed, having absorbed the initial disappointing push-back from the Fed on the market’s hopes of an early start to lower interest rate. Not so, and not any time soon if we don’t start seeing inflation move closer to the 2% target, said the Fed. Having plummeted on the day of the Fed’s cash rate decision, the Dow Jones repaired the outflow and the...
NZ Market Report 1.2.24
The United States sharemarket hung like a negative spectre over global markets today as it absorbed the shock that the US Federal Reserve doesn’t expect to be cutting interest rates in March. The Fed view is that inflation remains too far above the target range of 2%. The Dow Jones dropped 317.01 points today to close at 38,150.30, while the broader S&P %00 fell 70.32 to 4845.65 -1.61%,. Nasdaq has had a weak session peeling off 345.88 or 2% to close at 15,164.01 with leading tech stocks...
NZ Market Report 31.1.24
There was some profit-taking on NZX today with several stocks marked down in the process. Energy shares were mixed, with Meridian Energy off 10c at $5.55 and Contact Energy down 9c to $8.07. While Mercury NZ improved by 11c at $6.75. Fletcher Building shed 16c today at $4.52, despite CoreLogic reporting that the heat has come out construction costs. The annual change in 2023 of 2.4% is well below the 10-year average of 4.5%, the slowest annual rise since 3Q16 (2.2%), and the second...
NZ Market Report 30.1.14
There was some deep thinking today on the implications of a still high inflation rate for interest rates. There is the inkling of doubts that rates will be reduced anytime this year. The equities market totally ignored a strong upswing on Wall Street and finished just 2.51 po9ints higher at 11,912.40 on the NZX50 index. Overnight the Dow Jones set a new high at 38,333.45, with a surge of 224.02 points. The S&P 500 gained 36.06 at 4,927.93 and Nasdaq readings shot 172.68 upwards to...
NZ Market Report 29.1.24
Despite the Auckland Anniversary Day holiday, the NZ sharemarket has had a busy session and prices have been buoyant. The NZX50 ended the day ahead by 36.86 points to reach 11,911.89, closing back in on the 12,000 market that it failed to hold in mid-month. The falls were mostly of a minor nature. The most salient were a 25c slip for Fisher & Paykel Healthcare to $23.70 and a 20c fall for Vulcan Steel, back to $7.90. Spark shares were 14c weaker at $5.255. Serko eased by 5c...
MARKETWEEK: At times the market’s plain narrow-minded
Rakon high tech development // Warren Head Our national sharemarket may be rising in value during a current rally in share prices but it is also thinning before our eyes. The market week continues the positive trend during January and should extend into February until validated by the upcoming short reporting season. The NZX50 finished the week on an easier tone 14.60 points lower on Friday at 11,875.04. However, the weekly change was...
NZ Market Report 26.1.24
The NZ sharemarket tripped into the weekend 14.60 points lower on the NZX50 at 11,875.03. In the United States, the market barrelled back above the 38,000 line on the Dow Jones closing up 242.74 at 38,049.13. Shareholders in MHM Automation voted today in favour of the scheme of arrangement, under which 100% of the shares in MHM will be acquired by Merlin NZD Bidco (Bettcher NZ), a wholly owned subsidiary of Bettcher Industries, Inc. The shares added a cent at $1.68. The direction of the NZ...
NZ Market Report 25.1.24
A strong session for market leader EBOS was one driver for a positive day on NZX. The NZX50 gained 33.02 at 11,889.64. Summerset picked up a further 21c at $11.00 and Infratil added 14c at $10.60. Energy shares were mixed but Mercury rose 5c at $6.54 and Meridian Energy 10c at $5.75. Freightways was ahead by 10c at $8.82. High tech computer chip and oscillator manufacturer Rakon launched a new product targeted at the A.I. and data centre market which will be made in both NZ and...
NZ Market Report 24.1.23
The NZ sharemarket pushed higher today at about half the momentum as yesterday, with the NZX50 up 53.73 to 11,856.61 at the close this evening. A stubborn NZ CPI level even though down on the prior quarter was a bit of a flat note for investors hoping that the level of the Official Cash Rate might be reduced this year – that prospect appears pushed further out by the strength of today’s data. Sceptics fear that the high level of rents and local government rates feeding into the CPI show...
NZ Market Report
The stockmarket rally in the US has accelerated taking some famous indices to their highest level in market history – no wonder some of the glow has rubbed off on the NZ bourse which has been languishing this month. The NZX50 licked into life today with a 117.93 updraught to reach 11,802.88. That followed a 138 point lift in the Dow Jones that carried the US index above 38,000 for the first time, to close this morning at 38,001.81. The S&P 500 rose 10.62 to a record 4850.43 and the Nasdaq...
NZ Market Report 22.1.24
The New Zealand sharemarket kicked off the new week with a flourish after the higher levels set by Wall Street over the weekend. The notable gain of the day came from horticulture pack-house operator Seeka, which jumped 17c to $2.65, a rise of 6.55%. The market had been informed last year that the company expected a yield and volume rebound in kiwifruit. EBOS rose 42c to $35.94 and restaurant Brands moved 15c higher at $4.00, a gain of 3.90%. Infratil put on 11c at $10.22. Energy shares were...
MARKETWEEK: Shares beached on listless market
20.1.24 Warren Head New Zealand shares continued to trace a meandering path over the week as interest rates continue to offer attractive alternative investment. It seems that 'the summer of cricket' or the allure of the beach during the current heatwave in some parts of the country have conributed to the post-Covid practice of 'working from home.' The NZX50 fell 192 points over the week to close at 11,666.07, trading at a modest volume of 128.82 million shares, with weekly...
NZ Market Report 19.1.24
The NZ sharemarket drifted into the weekend, despite an optimistic session on Wall Street overnight. The NZX50 weakened by 21.11 to 11,666.07. In the US, the Dow Jones lifted 201.94 to 37,468.67 in a tech-led rally. In London the UK LSE FTSE-100 gained 12.80 at 7459.09, and in Australia the All Ords index moved 76.70 points higher at 7652.30. Energy stocks waned over the day, Meridian was off 9c at $5.46, and Mercury NZ down 11c to $6.41, while Contact Energy shed 8c at $7.96....
NZ Market Report 18.1.24
The weakness of Wall Street trades since the Monday national holiday has percolated around the globe, and the NZ market was down in reflected hesitancy. The Dow Jones came down 94.45 to 37,266.57. The NZX50 closed tonight at 11,687.18, off 79.85 points. ANZ economists now expect the RBNZ to deliver a steady sequence of 25bp OCR cuts starting in August, taking the OCR to 3.5% over 12 months. On their current forecasts, by the September quarter inflation is back in the band, unemployment has...
NZ Market Report 17.1.24
The NZX had a moderate session today before ending up almost level at 11,7867.03 on the NZX50 index, down -3.73. Overnight, Wall Street had another day of self-doubt, the market trying to absorb slippage in the US dollar and the Iowa caucus win by ex-president Donald Trump in the opening contest for the Republican Party nomination. The Dow Jones fell 231.86 at 37,361.12 Risers today were a short list headed by a small rebound by the energy sector with Manawa up 4c to $4.35,...
NZ Market Report 16.1.24
The national sharemarket flattened out today, losing 2.14 on the NZX50 index at 11,770.76 after Wall Street reopened after a national holiday and promptly dropped 118 points at 37,592.98. The NZIER survey on business opinion showed a marked improvement in business confidence compared to the pre-election September quarter. But in market terms increased optimism is also a potential spark for inflation. The energy sector was mixed today, with Mercury NZ down 3c to $6.47, Meridian Energy off 3.5c...
NZ Market Report 15.1.24
15.1.24 The NZ sharemarket got off to a soft start for the week, with the NZX50 index down 85.41 points to 11,722.90. Energy shares uniformly weakened, Manawa down 7c to $4.33, Mercury NZ down 14c to $6.50, Meridian off a cent at $5.60, Genesis Energy down a cent at $2.505, while Vector shed 7c to $3.71. Summerset fell 28c to $10.90, PGG Wrightson 8c to $3.31, Gentrack 14c to $6.50, a2 Milk 10c to $4.36 and Delegat 10c to $6.70. Napier Port’s trade volumes for the December quarter decreased...
MARKETWEEK: Firmer week on a flat news-cycle
13.1.24 Warren Head On a news week as becalmed as Kaiteriteri Beach at high tide on a summer’s day the NZ sharemarket did well to notch a hundred point gain. The NZX50 rose 109.83 to 11,858.31 this week on thin volume of 81.88 million shares traded (value at $263.21m) After worries of inflation data not falling, it didn’t. But the US market found deeper meaning in a higher monthly rate of 3.4% and managed to finish the week at 37,563.32, up 97.21 points. The Friday afternoon market...
NZ Market Report 12.1.124
The NZ sharemarket has closed the week with a modest gain of 55.29 points to take the NZX50 to 11,858.31. NZ RegCo is to grant MHM Automation a waiver from Rule 3.5.1, allowing the company to not post a half year result. On the basis that by 29 February 2024 (being the deadline for releasing the relevant Results Announcement), it is expected that the Scheme or Arrangement for the takeover of MHM will be unconditional. MHM shares firmed a cent at $1.67. Headed lower today were Mainfreight, off...
NZ Market Report 11.1.24
A midweek burst of buying enthusiasm has carried the NZX50 index 33.62 points higher today at 11,803.02. Overnight, the Dow Jones rebounded 170.57 to 37,695.73 ahead of key IUS inflation data. On the declining side of the market today the largest fall was made by Solution Dynamics, down 10c to $1.50, a drop of -6.25%. EBOS shed 16c to $35.55, Manawa Energy lost 10c at $4.43, Scales Corp was off 9c at $3.24 and Sanford fell 7c to $4.03. Mainfreight led the gainers, with a 75c rise to $71.15,...
NZ Market Report 10.1.24
The US stockmarket had a change of direction today after a strong move upwards yesterday – dropping 157 points to 37,525.16. This was reflected to a lesser extent in other markets, with the Australian All Ords down 46 points today at 7,707 and the NZX50 falling 47.99 points to 11,7659.40.. EBOS reversed by 84c to $35.71 and F&P Healthcare fell 36c to $23.74. Westpac Bank dropped 73c to $24.67. Vulcan Steel was marked 17c down at $8.06. Energy sector stocks weakened, with Meridian...
NZ Market Report 9.1.24
The NZ sharemarket followed the US market upwards today, with the NZX50 mounting its best trading day of the New year, a 108.97 points advance to 11,844.39 by the NZX50. The Dow Jones bounced 216 points overnight to close at 37,683 on the Dow Jones Industrial Average. Barrons said US investors are looking ahead to inflation data this week, with the release of the December CPI report on Thursday. The annualised change in the CPI is expected to be near its lowest level...
NZ Market Report 8.1.24
The NZ sharemarket got off to a soggy start this week, losing 13 points today on the NZX50 index at 11,735.42. In Australia the ASX All Ords fell 41.60 at 76776.80. Over the weekend the Dow Jones industrial average added 25.77 at 37,466.11. Gains today included Hallenstein Glasson jumping 23c to $5.49n and Briscoe Group putting on 9c at $4.65. Restaurant Brands gained 15c at $4.00. Summerset gained 15c to $10.45 and EBOS moved 31c higher at $77.00. Contact Energy moved 13c higher yo $8.17 but...
MARKETWEEK: A frothy week for Delegat Group
6.1.24 Warren Head The leading out-performer of NZX50 category stocks on the New Zealand sharemarket was appropriately enough a business that sells wine. After months of drifting downwards, Delegat Group uncorked a lively short week of bubbly trades. The DGL share price improved 40c or 6.15% from an end of -2023 closing price of $6.50 to $6.90. Other gainers over the week included honey products exporter Comvita, up 14c to $2.44, or 6.09%; fruit packers Seeka, up 15c or 5.88% to $2.70. ...
NZ Market Report 4.1.24
The NZ sharemarket held its ground today as the US and Australian markets retreated. The NZX50 gained 28.98 at 11,759.11, against a 26.70 points fall on the ASX All Ords to 7,730.60 and a 284.85 point drop for the Dow Jones. The fall on the Aussie market saw ANZ shares come down 33c on NZX to $27.43 and Westpac shares subside 66c to $24.10. Other notable falls were a 16c drop for Auckland Airport, a dual listed NZX/ASSX stock, and an 8c fall for a2 Milk to $4.41. EBOS, Freightways and Arvida...
NZ Market Report 3.1.24
A lively day’s trading on NZX saw several leaders firming ground but insufficiently to carry the market index higher. The NZX50 close the day at 11,730.13 down 40.16 points. This can be attributed to major index weighting Auckland Airport dropping 24c to $8.56. Port of Tauranga gave up 15c at $5.45, Skellerup was off 13c to $4.91. a2 Milk fell 11c to $4.49 and Scales was down 10c to $3.35. On the upside, Mainfreight put on 50c to trade at $69.80, and EBOS added 72c to sell at $36.22....
